In today’s generation, everything’s getting digital. From cashless payments to cryptocurrencies, everything’s getting digitised. And in this wave of digitisation and blockchain technology, sports memorials like NFT’s are getting in trend too. The days of a sports fan walking into a retail outlet, buying a pack of Topps trading cards, and discovering a one-of-a-kind baseball collectable are long gone. Sports non-fungible tokens, or NFTs, give evidence of exceptional equity of a clip, portrait, audio snippet, or other virtual capture of an important moment in sports history, attracting the attention and dollars of today’s card collectors. Sports NFT is quickly becoming one of the most popular collectables in blockchain technology. It could take many forms, such as photos, collectables, clips, and so on.
What are sports NFT?
Blockchain technology, card collections, NFT’s sound interesting, but before we dig more into this, let us know what does NFT actually means.
NFT’s are Non-fungible tokens, that are collected by sports fans. Sports NFT is a distinct and non-interchangeable records entity preserved on a digital ledger (blockchain). NFTs can be linked to digital files that can be reproduced, such as photos, clips, and audio. It use a virtual ledger to provide a public certificate of authenticity or proof of ownership, but the terms of the data collection file can be shared or copied. NFTs are distinguished from blockchain cryptocurrencies such as Bitcoin by their lack of interchangeability (fungibility).
Sports NFT position in foreseeable future?
Sports NFTs have gained popularity in recent years, and those who sell digital memorabilia believe 2021 is just the beginning. According to a recent study note from investment bank Jefferies, the value of the relatively broad sports NFT market is expected to rise to $75 billion by 2025, up from around $14 billion today, with much of the growth driven by the boom in sports NFT products. Dapper Labs, one of the largest sports NFT marketplaces, saw its annual revenues nearly double to $700 million last year from $361 million in 2019.
Top 10 Most Valuable Sports NFT
|1.||Statue of LeBron||$21.6 Million|
|2.||MLB Champions Brett Gardner||$21.28 Million|
|3.||Jermall Charlo: Lions Only GOLD ULTIMATE||$19.1 Million|
|4.||Michael Jordan SportPunk||$5.06 Million|
|5.||Rare Diego Maradona 2020-21||$4.3 Million|
|6.||Nifty Doge Low Tayl0r.WFT||$2.1 Million|
|7.||Alex Morgan Legendary||$2.129 Million|
|8.||Aaron Judge Legendary||$2.129 Million|
|9.||Action Jacksons’ Sports Cards||$2.08 Million|
|10.||Mookie Betts Legendary||$2.05 Million|
Top Sports NFT companies
Fantasy Football on Ethereum — Sorare
Sorare has compiled a set of NFT football trading cards that players can use to build their fantasy team and compete for more NFT cards and Ether. Sorare is officially licenced with over 150 football teams at the time of writing, including major names like Real Madrid, AC Milan, and Juventus. You can assemble a five-player team using the digital trading cards in your deck and earn money based on how well the players perform in real life. In essence, the real-time stats of featured players in football matches will be automatically reflected on the card and used to determine the number of points you win. La Liga, the domestic Spanish league and one of the largest in the world, announced a partnership with Sorare on September 9, 2021, with plans to partner with all of the world’s top 20 leagues by the end of 2022.
Formula One Collectibles — F1 Delta Time
F1 Delta Time has built a blockchain ecosystem in which Formula One fans can collect NFT cars, race tracks, drivers, and tyres. F1 Delta Time players, like Sorare, aren’t just collecting these digital collectables for the sake of collecting. The ultimate goal is to participate in tournaments with NFT assets. The value of F1 Delta Time’s collectables, as we’ve come to expect from NFT platforms, lies in the limited supply of individual digital items. In addition, the rarity of these items varies. As a result, the price that each will command on secondary markets varies.
NBA Highlights Collectibles — NBA Top Shot
The NBA is one of the most significant sports organisations to have embraced the NFT craze. The NBA was able to bring special basketball moments to the blockchain by collaborating with Dapper Labs. The entire collection of collectables available on NBA Top Shot is made up of tokenized videos of basketball highlights. NBA NFT moments can fetch hundreds of thousands of dollars, as evidenced by a $377,000 sale of a LeBron James dunk highlight. The unique aspect of NBA Top Shot is that collectors can purchase these NFTs using traditional payment methods.
NFL Moments and Heroes — NFL Dapper Labs
Dapper Labs unveiled a collaboration with the National Football League (NFL) and the National Football League Players Association (NFLPA) to create special edition digital highlight reels of iconic NFL Occasions from the season’s best plays. This is an effort to take NFL sports fandom to the next level by utilising Dapper Labs blockchain technology. The league’s 300 million worldwide fans can acquire video clips of the greatest plays in NFL history, as well as sports cards of current and legendary NFL players. Dapper Labs is the company responsible for NBA Top Shot, as well as other popular NFT projects such as CryptoKitties, Cheeze Wizards, and Ultimate Fighting Championship (UFC) collectables.
Korean Baseball Collection —Dugout
Dugout is the Korean baseball league’s NFT global market. You collect limited editions of NFT-based baseball cards of Korean league standouts, similar to NBA Top Shots, which you can buy and sell to generate potential gains. To collect cards, you can either buy packs of cards and hope to find valuable NFT moments among them, or you can buy your favourite moments from the project’s consumer market.
Sports Fan Tokens — Socios
Socios is a rapidly growing NFT fandom platform where people can purchase fan tokens for their favourite teams in order to vote on certain team activities. Socios also announced a collaboration with the UFC, the world’s largest mixed martial arts organisation, with over 625 million fans worldwide. This collaboration brings UFC fans closer together through increased engagement, offers, and rewards. Chiliz (CHZ) is the cryptocurrency that powers the socios.com platform. Football teams, in particular, have begun to recognise the level of fan engagement that this benefits package.
Horse Racing on Blockchain — DeRace
DeRace produces DNA-enhanced NFT horses to create the ultimate horse racing ecosystem. In this game, players collect horses, breed them, and race them to win all of the fees and a percentage of the bettors’ stake. The bookmaker owns the arena in which these races take place, and bettors rely on blockchain technology’s provable fairness to ensure that bet outcomes are transparent, verifiable, and fair. DeRace is intended to allow horse breeding. In essence, each horse has its own set of characteristics and genetics that determine its physical attributes and racing efficiency. If breeding appears to be too difficult, you can purchase NFT horses on the DeRace global market or secondary NFT markets.